A major boost for Cornwall’s economy and the UK’s critical mineral supply chain was announced today with a £28.6 million direct equity investment in Cornish Metals Inc. The funding, provided by the National Wealth Fund, will play a crucial role in reopening the historic South Crofty tin mine, generating over 300 direct local jobs.
This substantial investment forms part of a larger £56 million funding round aimed at further de-risking the South Crofty project. The mine’s revival is particularly significant due to tin’s status as a critical mineral, essential for a range of green technologies including solar panels, wind turbines, electric vehicles (EVs), semiconductors, and energy storage. Securing domestic sources of tin is vital for the UK’s transition to net zero and its broader economic growth.
Chancellor of the Exchequer, Rt Hon Rachel Reeves, welcomed the investment, stating: “Growth is this Government’s number one mission, and we’re going further and faster to kick start our economy so that we can put more money in people’s pockets. This is just the kind of investment that will help us do that, not only supporting the growth of the Cornish mining sector, but creating high-quality jobs and opportunity for the region and beyond.”
John Flint, CEO, National Wealth Fund, said, emphasised the strategic importance of the investment: “Critical minerals are not only an important driver of the UK’s transition to net zero, but also of the UK’s growth mission, providing opportunities to anchor important supply chains in the UK. This is our second investment in critical minerals in Cornwall, and shows how we can mobilise private investment into local economies, creating skilled and long-term employment.”
The reopening of South Crofty represents a significant step forward for the Cornish mining sector and underscores the UK’s commitment to securing its critical mineral resources for a sustainable future.
